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Almadex Files Memorial Documentation for Investment Arbitration Claim Against Mexico
VANCOUVER, British Columbia, March 21, 2025 (GLOBE NEWSWIRE) -- Almadex Minerals Ltd. ("Almadex...
About this update from Almadex Minerals Ltd.
[{"type":"text","content":"Almadex Files Memorial Documentation for Investment Arbitration Claim Against Mexico\n\n\n\n VANCOUVER, British Columbia, March 21, 2025 (GLOBE NEWSWIRE) --\n \n Almadex Minerals Ltd. (\"Almadex\" or the \"Company\") (TSX-V: “DEX”)\n \n announces that it has filed its memorial submission (“Memorial”) relating to its international arbitration proceedings (the “Claim”) under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”) with the United Mexican States (“Mexico”).\n \n\n Almadex is pursuing this Claim together with Almaden Minerals Ltd. (“Almaden”), on behalf of themselves and their Mexican subsidiaries (the “Claimants”). Prior to the illegal acts of Mexico which resulted in the complete loss of the investment, Almaden held 100% of the Ixtaca precious metals project in Mexico (the “Project”), while Almadex held a 2.0% NSR royalty on the Project.\n \n\n Pursuant to the Litigation Management Agreement (“LMA”) discussed in the June 27, 2024 press release, the Company and its Mexican subsidiary have agreed with Almaden and its Mexican subsidiary to streamline the management of the arbitration proceedings. Under the LMA, Almaden will bear the up-front costs of the arbitration and provide overall direction to the arbitration process for itself and its subsidiaries, as well as Almadex and its subsidiaries, with certain limitations. Almadex remains a party to the arbitration and continues in its cooperation and support of the process. Almaden has secured non-recourse litigation funding of up to US$9.5 million to prosecute the arbitration proceedings from a leading legal finance counterparty. Further details are provided in the Company’s June 27, 2024 press release.\n \n\n The Memorial outlines how Mexico breached its obligations under the CPTPP through actions which blocked the development of the Ixtaca project and ultimately retroactively and arbitrarily terminated the mineral concessions underpinning the Project. Specifically, the Memorial demonstrates how Mexico (i) unlawfully expropriated the Claimants’ protected investments without any compensation; (ii) failed to accord the Claimants’ protected investments fair and equitable treatment; and (ii...